Can you confirm if any fees have been deducted from our accounts yet? It doesn’t appear so when looking at the app. It would be nice to know when fees will be coming out so, especially as I assume the first deduction will include several months backdated.
@JamesWhitt, I just got an email about June fee deductions
Same. I’ve asked for confirmation of the calculation as I was not invested for the whole month and it doesn’t appear to include the investor discount either.
It would also be helpful to know if we will be charged for July and August soon or if we will be charged several months in arrears from now on.
This is odd to say at least. Firstly it’s so late after the event, and I got two emails for June with two deductions for management fees: one for £0.15 with zero discount, another for £0.08 with 50% discount.
Am i being charged twice or is the first email sent in error?
I think the first is an error. I checked my balance and the first amount had been reversed and the second had been put through. It doesn’t set it out in the performance breakdown, you need to minus the difference between your current balance and Friday’s closing balance. Which will get confusing as future months are deducted! Probably needs a separate entry in the breakdown.
All teething problems that are better to experience with committed investors rather than a large retail and/or institutional client base!
Agreed. And fee deductions will inevitably be an area that will have a few issues as well as create confusion for new customers until they get the hang of the charging structure. So it is worth us (as customers and investors) compiling a list of issues so we can feed back to @tom_mf and @Marie.
Feel free to add your own below, here are the ones I’ve found so far:
- No investor discount applied - FIXED
- Lack of clarity over dates the fee is applied to (e.g. If you only started investing halfway through a month the fee email makes it seem you are being charged for the whole month)
- Needs some sort of line in the performance breakdown to indicate a fee deduction otherwise the balances won’t tally. Now my balances do tally but there is no fee listed so it either looks like I have had an exceptionally bad day’s performance or the fee has now been reversed and not deducted
- Clarity over when we will be charged for July and August (and future months)